UBS Given Limited Immunity In LIBOR Probe

Law360, New York (July 26, 2011, 2:29 PM EDT) -- U.S. authorities have given UBS AG limited immunity in return for its cooperation in an investigation of the Swiss bank's alleged manipulation of key U.K. and Japanese interbank interest rates, part of a wide-ranging probe by securities regulators worldwide, UBS said Tuesday.

Certain authorities, including the U.S. Department of Justice's Antitrust Division, have given UBS "conditional leniency or conditional immunity" related to antitrust violations in the bank's submissions that helped set yen London Interbank Offered Rates and euroyen Tokyo Interbank Offered Rates, UBS said in a...